Question: Need an income statement for January Comprehensive Case 3 (Part Level Submission) Software Advisors Limited wa s organized on January 1, 2015. The company had
Comprehensive Case 3 (Part Level Submission) Software Advisors Limited wa s organized on January 1, 2015. The company had the following transactions in the month of January: January 2 Issued 890 common shares for $14 each. 3 Borrowed $44,500 from the bank on a long-term loan. 4 Finalized the lease for office space and paid the first month's rent of $2,670 5 Purchased $35,600 of equipment for $17,800 cash and $17,800 on account. 10 Paid for an advertisement in a local paper, $450 11 Purchased supplies on account, $890 13 Paid for several advertising spots on the local radio station, $2,670 15 Paid employees $6,680 for the first two weeks of work 17 Summarized and recorded the billings to clients for the first two weeks of January. Billings totalled $13,350. These amounts are due by the 10th of the next month. 20 Paid $890 for the current month's office expenses. 24 Received $8,900 from clients in partial settiement of accounts billed on the 17th. 30 Paid annual insurance policy with coverage up to February 1, 2016, for $5,340. 30 Summarized and recorded the billings to clients for the last two weeks of January. Bilings totald $16,020. These amounts are due by the 20th of the next month. 31 Paid employees $6,680 for the lest two weeks of work 31 Made a payment to the bank of $270 for interest on the bank loan and $620 to pay on the amount owing for the bank loan. 31 Paid Canada Revenue Agency $1,070 for an income tax instalment
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